Learning about Worthless Securities
While filling out my form to process my worthless Enron stock, I came across these two choices: 1) Relinquish the security, or 2) Sell the security for $0.01 ?For the Lot.?. They sounded pretty similar to me, so I consulted Google and came across Turbotax’s FAQ on Worthless Securities. In short, proving a security to be “worthless” is a bit grey unless you actually register a sale. Therefore, E*Trade gets my 100 defunct Enron shares for the bargain price of $0.01! (I also have to pay $5 for them to process the sale.)
